If you are thinking about buying a home for the first time, you'll want to be prepared. Avoiding rookie blunders can help make your house hunt less stressful and smoother overall. To make the experience easier, Midland Mortgage has compiled this list of things to expect when buying your first home.
Many first-time home buyers go out looking for a house and fall in love with a property without knowing how much they can afford and what kind of mortgage is right for them. The problem is that this could result in a homebuyer taking on a mortgage that is wrong for them. So, before you even began the process of looking for a home, talk with a mortgage professional to get pre-qualified for a mortgage.
Even if you are building a brand new home or the home that you have found appears to be perfect, do not skip the home inspection. There is no substitute for having a trained professional inspect the property. There are many potentially serious defects and problems that only a trained professional would identify.
You've gotten pre-approved for a mortgage, made an offer on a home that you love and are just waiting for the closing date. In the meantime, you decide to take out a loan for a furniture set for your new home. Not so fast, buying those new couches could sabotage your mortgage. You might think that everything is set in stone once you have been approved and set a closing date, but that is not true. The financing can fail at the last minute if you have taken out any additional credit. So, wait until after closing to outfit your new home.
Buying a home for the first time is an exciting, yet complicated process. Fortunately, working with real estate and mortgage professionals can make the process go smoothly. For more helpful tips and hints on financing your new home, get in contact with a professional at Midland Mortgage Corporation.